3 Types of Employee Benefits You Should Offer Your Employees

Employees are hard at work for more reasons than just the extra income; they want to know what you as the manager are bringing to the table, if they are considered valuable to the organization and if there is a long-term plan for the firm.

In recent times, it takes more than a high wage to find eligible and qualified applicants as more workers pursue job options that suit their lifestyles and offer them different employee benefits.

If you are a manager or part of the human resources management department and you want to attract and retain the best employees and build a supportive organizational culture, you are going to need to examine what you offer to your employees in terms of the types of employee benefits offered. As a result, the next major battlefield in the fight for talent is the types of job benefits your business offers its staff. Read on to know more about employee benefit lists. 

Employee Benefit Types

What are the different types of employee benefits?To understand the employee benefits list, we must first understand what employee benefits are. Employee benefits are non-wage payments provided by business owners, managers, and employers to workers in addition to their standard salaries or salary opportunities. These are often used with career offers and can be used to recruit and retain quality talent.

The concept of employee benefits refers to a variety of aspects from legislation to employee wellbeing, etc. Anything from health care to unrestricted PTO falls under the umbrella concept of employee benefits, which is often a component of a business's compensation and benefits package. There are three main types of employee benefits:

1. Benefits That Are Mandated By Legislation For Employees

Employers, Business Owners, and Managers are required by federal law to offer a certain number of employee benefits to their staff. These employee benefits are mandated by legislation in all states and industries, and every manager, business owner, and employer must have them to comply with Department of Labor regulations. These include some of the following:

• Social Security and Medical Care Contributions.
• Workers Compensation Insurance.
• Minimum Wage and Overtime Pay.
• Unemployment Compensation Contributions.
• Health Insurance (dependent on how many staff members are part of the firm)
• Family and Medical Leave (dependent on how many staff members are part of the firm)

2. Employee Benefits That Are Not Mandatory Yet Are Considered Normal In The Industry

In the preceding part, we discussed the federal standards for employee benefits. Now we are going to go into employee benefits that may not be mandated by legislation but are considered normal across industries, which may determine from their social awareness to emotional intelligence, health and living standards. These include some of the following:

• Health Insurance
• Family and Medical Leave
• Disability Insurance
• Retirement Savings
• Life Insurance
• Paid Time Off
• Stock and Share Options

3. Employee Incentives That Are Provided As A Bonus Or A Perk

This the final one of employment benefit types. Because of the battle for talent, some businesses are thinking outside the box in terms of employee benefits. There does not seem to be a limit to what some managers are going to do to recruit and maintain top talent. Some perks that companies organize include activities such as, a “Beer Friday" or catering staff lunches throughout the week. Some of these employee benefits seem like they might be the next big trend in the workplace compensation world. These include some of the following perks or bonuses for staff:

• Wellness Programs
• Tuition Sponsors and Student Loan Repayments
• Relocation and Housing Options
• Commuter Benefits
• Unlimited Paid Time Off
• Work from Home Options (Remote Working)
• Improving Workplace Inspiration in the form of ergonomic office furniture

How Creating a Positive and Productive Work Environment Impacts Your Employeesa

Your workers are no longer going to feel like the working day is long and drawn out if you can build a positive work environment. There are several advantages to creating a positive work environment for your staff. Studies have shown that businesses grow in both size and efficiency when employers take care of their employees, this not only includes employee benefits but also thinking of other ways to build a strong relationship with your staff and creating a positive and productive work environment. Furthermore, it is going to be beneficial to your company's development. 

There are a variety of approaches to improving the working experience and cultivating a positive community and all types of employee benefits. However, if you want to do this, you are going to have to put in a lot of effort. Here are a few worthy tips to creating the ideal workplace: 

• Take care of the health of your employees by ensuring their workstations are set up ergonomically. To build the best office atmosphere, you should understand that your staff is the most valuable resource. As a result, you must look after them. Creating an ergonomic workstation with ergonomic office chairs and ergonomic standing desks is an effective method of taking care of your employees and showing them they are valuable.
• Take suggestions from your employees.
• Set clear objectives that are aligned with the organization's long-term goals and ensure that employees have a complete understanding of them.
• Recognize and reward individual employee progress and achievements.
• Provide effective employee feedback
• Build strong teamwork within the organization.
• Test and challenge your employees regularly.  
• Avoid micromanaging your team.
• Communicate frequently and specifically with employees.
• Build a comfortable environment for staff through investing in an ergonomic office chair such as the ErgoChair Pro or an ergonomic standing desk such as the SmartDesk by Autonomous. Studies show that ergonomic furniture improves employee productivity and efficiency levels.

The Bottom Line

Employee benefits are some of the best ways to build a strong team relationship. We suggest that instead of seeing types of employee benefits as a necessity, employers and business owners should see them as a recruiting and retention opportunity. You are going to build an atmosphere where your workers continue to stay if you provide them with a workplace that cares for them as individuals and makes them feel valuable to the organization.